Kahoot! ASA

Investor Presentation • Nov 30, 2020

Make learning awesome

Company Presentation November 30th, 2020

Our vision is to build the leading learning platform in the world

Kahoot!

Kahoot! started 2012 as a quiz-based game to ensure attention, create engagement and provide knowledge in classrooms

Global recognized brand with a viral distribution model based on scalable technology platform

User centric, data-driven and iterative approach to product development and innovation

100m user generated Kahoots, over 200m games played last 12 months with over 1.3bn participating players

2013-17 2018 2019 2020

Launched September 2013

Growth focus

Top 3 tool in US education

50+ employees

Launched first commercial editions with 40k paid subscriptions

Launched mobile apps for iOS and Android

75+ employees

New commercial subscription editions for all segments

Reaching 170k paid subscriptions

Acquisition of Poio and DragonBox

120+ employees

More commercial offerings, 400k paid subscriptions

Launched first platform service

Actimo Drops

170+ employees

Why everyone loves Kahoot!

Embraced by 7m teachers

Kahoot! helps me engage students in class and for homework, and also works great for virtual lessons even when school is closed "

As do millions of teachers globally

Loved by students across the globe

I love Kahoot! It makes learning fun!

As do hundreds of millions of students "

Trusted by parents and families

As do millions of families around the world

Integral for corporate culture and learning

Kahoot! breaks down barriers and connects teams

As do hundreds of thousands of organizations in over 150 countries

To play Kahoot! is to promote Kahoot!

The Kahoot! viral business model generates over 1m new accounts and over 2m app downloads every month

Kahoot! today

Scalable cloud platform

Large market opportunity*

Recognized market leader

Viral business model

Active accounts whereof 7m teachers and educators

Paid subscriptions growing approx. 160% YoY, including teachers and professionals

User generated kahoots with over 1bn participating players LTM

22m+ 400K+ 100m+ 90-100%

Net dollar retention, above 100% for larger organizations

*Based on estimated EdTech market in 2020 from Goldman Sachs Education Technology Sector trends and market update May 2020

Highlights Q3 2020

• Continued growth on the Kahoot! platform with more than 21 million active accounts last twelve months representing 45% year on year growth per Q3 2020
• Strong growth in paid subscriptions, reaching 360K in Q3 2020, an increase of 90K paid subscriptions from Q2 2020
• Q3 2020 invoiced revenue growth of 241% to \$11.6m, up from \$3.4m in Q3 2019. The quarter over quarter growth in invoiced revenue was 21% in Q3 2020
• Positive cash flow from operations of \$5.2m in Q3 2020 representing 45% cash conversion from invoiced revenue, compared to -\$0.6m in Q3 2019
• Solid financial cash position with cash and cash equivalents of \$72m per Q3 2020. The company has no interest-bearing debt.
• EBITDA for Q3 2020 was \$1.0m compared to -\$1.7m for Q3 2019
• Announced the acquisition of Actimo, an employee engagement platform that empowers organizations to more efficiently build corporate culture with better communication, training and interaction with the workforce. The transaction was completed October 5, 2020

160%

YoY growth in paid subscriptions per Q3

241% Q3 YoY growth in invoiced revenue

45%

Q3 cash conversion from invoiced revenue

Kahoot! accelerating momentum

Active accounts LTM 1)

Paid subscriptions 2)

1) Active accounts LTM is defined as unique user accounts hosting a game with one participant or more LTM 2) Paid subscriptions is defined as total number of users on paid subscription per the end of the period 3) Conversion to paid subscriptions in all segments from customers in more than 150 countries

Invoiced revenue 3)

• Latin America and The Caribbean
• Africa, The Middle East, and India

Q3: New and existing customers are making learning awesome

() RENAULT		PISCOVER Dräger		\$ KARREAKA REMINGTON COLLEGE	Cartier	verizon®
APL JOHNS HOPKINS IED PHYSICS LABORATORY	NC STATE UNIVERSITY	( 글 La Source. Institut et Haute Ecole de la Santé	Calinsperity. UCF School District		wipro ::	1 Southern Company
J.P.Morgan	GOV.UK	sky	Total Parties		Thermo Fisher SCIENTIFIC
GLENBROOK 1225	EM	Nestle	accenture	STEVERETT A PUBLIC SCHOOLS	sappı	, Dominion Energy® 11
APP	EY	WILEY	byb Investments	Microsoft	(C)LIC 的	(A) AEROSPACE
	ู้	Rentokil	C ROTTERDAM UNIVERSITY	(MERZ) Pharmo	STARTEK

Invoiced revenue per region

Kahoot! has paying subscribers in more than 150 countries, USA and Canada represent approx. 49% of invoiced revenue and Europe approx. 35% in Q3 2020

Forward looking statement

	Actual FY 2018	Actual FY 2019	Actual Q1-Q3 2020	Guidance FY 2020
Invoiced revenue	\$3.5m	\$13m	\$27.7m	\$43m
Paid subscriptions	46K	170K	360K+	420K+
Active accounts LTM	12m	16m	21m+	22-23m

• Invoiced revenue for the Kahoot! Group for Q4 2020 is expected to exceed \$15m, approx. 30% quarter on quarter growth, whereof the acquired units Actimo and Drops will contribute with approx. 15% of the invoiced revenue for the quarter
• For the full year 2020, the Kahoot! Group expects invoiced revenue to reach \$43m (including contribution from Actimo in Q4 and Drops in December), a 230% growth year on year
• Paid subscriptions have reached 400K (not including Actimo and Drops) and are expected to exceed 420K by the end of 2020, and active accounts in the range of 22-23m by the end of the year
• Continued solid cash flow from operations in the fourth quarter 2020
• The company is preparing for a main listing at Oslo Stock Exchange which could be as early as in Q1 2021

Kahoot! ambitions next three years

1) Not including Home & Study subscriptions

2) Not including revenue level from acquired units

All prices per teacher per month

HigherEducation

\$ 5 / \$10 / \$15

at sch ool

All schools (K-12)

\$1 / \$3 / \$6

Premiumeditions

Over 100 million games have been played by families and friends around the globe

Em braced by over 5 m illion teacher s Loved by hu nd red s of m illions of students Em po wering students f rom lear ner s to leader s

Over 180K+ teachers are paying for premium editions to drive learning and engage students

I n t ro d ucin g

Business suite Q 4 2019

All prices per presenter/host per month

M illions of em p loyees p laying Kahoot ! 97% of Fortu ne ⁵⁰⁰ is u sing Kahoot! Ener gizing audience in events of any size

at w or k 100K+ businesses breaking down barriers and connecting teams with our professional editions

For professionals \$10 / \$20 / \$ 40

Connecting the global educator community and providing high-quality, verified content, to ensure that every student gets access to awesome learning at school and home

10m+

Awesome learning for the entire family

Study at home

Peer-to-peer study with study leagues

Introducing Language Learning in Kahoot! app

10K

Engage

Elevate learning at your entire school or district with Kahoot! EDU

Next level engagement with Bitmoji

students 7 million 100s of millions

=

even more awesome

Communication

Company culture

Training & development

A better experience for all learners

Presentations & meetings

The Next Generation tool for Corporate Culture and Learning...

unicef of for every child

1595 | AMERICAN MUSEUM
15 | SEURAL HISTORY

National Institutes of Health

Assessment English

unicet &

POWER

DISNED

SOMA players enjoying kahoots created by our partners

Partnering with

leading publishers

TIME tor 7

X FORID UNIVERSITY PRESS

7m+

educators & teachers

Marketplace for educators

Community & networking Community & Network

10 million

If teachers didn't try new things, our students wouldn't get the best from us. "

Aimee Copple

Knowledge portal

Premium verified content

Kahooty Marketplace

Empatico SEL Trivia collection

CANNE TO THE THE THE THE

mon Sense Education
Sense Rection

UNZS

collection

collection

A marketplace connecting the global educator community and providing high-quality, verified content, from educators and premium partners. Accessible for educators, teachers, students and individuals to ensure awesome learning. Brendan Timlin
Collectio

Bocial & Emotional Learning

Social & Gollection

e collection

ollectio

ther

iner +

Linda Hochstetler - Science &

tory
See collection

Math and Baseball trivia
Math and Baseball trivia
Charlestion collection

Maria José C

e coll

Beekapak Social Emotional
Backapak Social Emotional
Barning

Diversity a finclusion See collection

the mether THE COLLET AND THE THE THE

AIOTH TOGE

public Service Call
by The Ad Council The Collection

Along on one liners

Along on one lans

Along Group and and the long the long the long the long the long the long the lock

Listory

A D T G T C Campaigns

Public Service Campaigns

Public Service Campaigns
Public Service Ad Councill
Poblic Service Ad Courcil

rning
See collection

beekap
Learning

Kahoot ! DROPS

Make language learning awesome!

ha

A Hiragan "alphabet" 3

Other Language Apps

Tedious and hard

Monotonous, text-heavy learning

Assumes immediate, all-in dedication

Mobility-restricting keyboard reliance

Requires long periods of attention

Lesson-weary burnout

Grammar-focused

Self-guided learners only

Fun and easy

DROPS

• Beautiful, visual learning
• Gradually nurtures commitment

Anywhere, anytime swipe-only freedom

Short 5-min sessions* 12 22 22 23

• Game-like motivation
  • Vocab-focused*

Self-guided learners & auxiliary tool for instructors

* Note: While Drops appears disarmingly simple in its design, it is built upon a strong pedagogical foundation evidenced-based learning methodologies such as vocabulary acquisition, visual mnemonics, and spaced repetition.

is in over 200 countries

US

Drops: Free and subscription offerings

Summary

Join the Kahoot! journey

Parent

kahoot.com/school kahoot.com/study kahoot.com/work kahoot.com/investor kahoot.com/home

Teacher Student Professional Investor

Stay up to date, visit kahoot.com/news

Shareholders overview

Kahoot! AS has a total of 445.2m registered common shares and more than 10,000 shareholders. The shares are listed on Euronext Growth on Oslo Stock Exchange with ticker code KHOOT

	Shareholders per November 27, 2020	Shares	%
1	Datum Group	52 130 865	11,7 %
	2 Northzone Ventures Norway AS	48 033 280	10,8 %
	3 Goldman Sachs International	42 996 095	9.7 %
	4 AS Real-Forvaltning/Glitrafjord	36 708 910	8,2 %
5	Creandum III LP	23 550 832	5,3 %
o	Microsoft Global Finance	20 820 000	4,7 %
7	Citigroup Global Markets Inc.	13 500 000	3,0 %
8	Versvik Invest AS	12 962 076	2,9 %
ਰੇ	Newbrott AS	7 606 000	1,7 %
10	State Street Bank and Trust Comp	165 118 1	1,6 %
11	MP Pensjon PK	5 991 435	1,3 %
12	J.P. Morgan Bank Luxembourg S.A.	5 500 000	1,2 %
13	Morgan Stanley & Co. LLC	5 438 994	1,2 %
14	Gamification AS	5 357 777	1,2 %
15	Verdipapirfondet DNB Norden	4 681 614	1,1 %
16	Goldman Sachs & Co. LLC	4 626 410	1,0 %
17	Sanden AS	4 340 000	1,0 %
	18 J.P. Morgan Bank Luxembourg S.A.	3 780 768	0,8 %
। ਰੇ	Adrian AS	or 156 750	0.7 %
	20 Verdipapirfondet DNB Grønt Norden	ന 145 432	0,7 %
	Other	133 740 442	30,0 %
	Total outstanding shares	445 232 798	100,0 %
	Outstanding share options	17 515 153
	Total no. of shares (fully diluted)	462 747 951

28%

Kahoot! share information

	Ticker
Oslo Stock Exchange (Euronext Growth):	KHOOT
Reuters:	KAHOOT-ME.OL
Bloomberg:	KAHOOT:NO
Number of registered shares:	445,232,798
Outstanding share options:	17,515,153
Total no. of shares (fully diluted):	462,747,951
Free float:	>95%
Share price (November 27, 2020):	NOK 67.30
Average daily trading volume YTD (shares):	930,800
Market Cap total (November 27, 2020)	NOK 30.0bn

www.kahoot.com/investor